BofA Reiterates Buy Rating on Ford (F) After $2 Billion EV Investment and Platform Launch

Ford Motor Company (NYSE:F) ranks among the best stocks to buy for retirement. Following Ford Motor Company (NYSE:F)’s “Next Model T Moment” event on August 11, BofA Securities reiterated its Buy rating and set a price target of $14 on the company’s shares. Ford announced its Universal Vehicle Platform at the event, emphasizing the benefits the new design will bring to EV manufacturing. The company also announced a $2 billion investment in its Louisville, Kentucky, plant to begin producing vehicles based on the platform.

BofA Securities sees promise in these developments, pointing out that Ford Motor Company (NYSE:F) seems to be taking cues from leaders in EV manufacturing to construct a value proposition that is competitive. Despite the current downturn in U.S. sales of electric vehicles, the firm believes Ford is setting itself up for the future of electrification.

Ford Motor Company (NYSE:F), a global automotive industry leader, manufactures a wide range of commercial and luxury vehicles under the Ford and Lincoln brands.

While we acknowledge the potential of F to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than F and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.